Highly contagious

摘要

The half-point cut in interest rates by America's Federal Reserve on March 20th was the third such cut this year. By past standards that counts as pretty aggressive monetary easing, but it does not seem to have satisfied stockmarket investors, who had hoped for a bigger cut. After the Fed's decision, Wall Street fell again, leaving the S&P 500 index down 27% from its peak last March. The Nasdaq has now lost more than 60% of its value. Moreover, the bears are out all over the world.